Gunning, Falzarano and Dunne of CB Richard Ellis secure $80 million in financing

CB Richard Ellis' Capital Markets recently arranged an $80 million mortgage loan on behalf of 255 Huguenot Street Corp., a subsidiary of Hartz Mountain Industries. The loan facilitated the acquisition of Avalon on the Sound, a 412-unit, 24-story luxury apartment tower, located at 255 Huguenot St. James Gunning and Donna Falzarano of CBRE's Debt & Equity Financing group secured the financing through Freddie Mac, while Jeffrey Dunne of CBRE's Tri-State Investment Properties Group sourced the investment opportunity for the buyer. Hartz added a trophy-quality asset to their portfolio and Freddie Mac's loan terms were the best in the market. The CBRE Capital Markets team provided the buyer with this best in class investment opportunity and the most competitive financing available. Originally built in 2001, Avalon on the Sound is a 24-story class-A apartment tower, which is located in the central business district. The property contains 412 residential apartment units, with 5,400 s/f of retail space leased to a dry cleaner, spa and coffee shop. The adjacent six-story parking garage, connected to the apartment tower via a pedestrian walkway was also part of the sale. The property is situated directly off of I-95 and within close proximity to Rte. 1 and the Hutchinson Parkway. In addition, it offers its residents a short 30-minute commute from Manhattan due to its convenient location to the Metro North rail station, which is just minutes away, as well as amenities including a full gym, basketball court and an outdoor swimming pool. CB Richard Ellis Group, Inc., a Fortune 500 and S&P 500 company headquartered in Los Angeles, is one of the world's largest commercial real estate services firms (in terms of 2009 revenue). The company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company for three years in a row.